Wells Fargo to lay off 500+ SC employees, close Columbia office, state report shows

Wells Fargo will lay off up to 525 employees in Columbia and shutter its office space at 101 Greystone Blvd. by June 30, 2024, according to information filed with the South Carolina Department of Employment and Workforce.

The financial institution has been cutting down its real estate portfolio in addition to laying off employees nationwide, according to comments from the company’s Chief Financial Officer earlier this month, along with a letter from the banking company supplied to South Carolina’s workforce agency.

“...We need to concentrate Wells Fargo real estate investments in fewer locations or reduce space in existing real estate,” that letter, first obtained by the Post and Courier, reads.

Employees were notified of the impending layoffs Sept. 28, according to the filing.

“Wells Fargo continues to bring employees in non-customer facing roles together and to improve and modernize our workspaces. This will strengthen our customer-centric culture, collaboration, strong risk management, and innovation,” a spokesperson wrote via email when asked by The State for more information.

If employees at Columbia’s Wells Fargo choose not to transfer to a new location, they will be laid off.

“We will offer support to impacted employees, such as severance and career counseling,” the spokesperson added.

Michael Santomassimo, Chief Financial Officer for Wells Fargo, told attendees of the Barclays Global Financial Services Conference in mid-September to expect to see more layoffs at the company and a decrease in the company’s real estate portfolio, according to the Charlotte Observer.

The company has cut about 40,00 jobs in recent years, Santomassimo said at the conference, adding that the number of employees at the company has decreased every quarter since the end of 2020.

“Now, I’m not suggesting it’s going to be down every quarter forever, right. But I do think that there’s more to do,” he said at the time.